X Factor host O'Leary and Radio 1's Cotton will present live from the star-studded red carpet at the Royal Opera House in London on Sunday, February 12.
E!'s coverage of the event will begin from 5pm with a red carpet countdown hosted by fashion journalist and Plain Jane star Louise Roe, followed by O'Leary and Cotton conducting interviews and giving fashion reports from the red carpet.
> BAFTA Film Awards 2012 nominations in full
The Artist leads the nominations at the BAFTAs with recognition in 12 categories, while British movie Tinker Tailor Soldier Spy has 11 nominations and Martin Scorsese's Hugo follows with nine.
Scorsese will also take home the BAFTA Fellowship.
The Artist and Tinker Tailor Soldier Spy will battle against The Descendants, Drive and The Help in the 'Best Film' category, while Tinker Tailor Soldier Spy will also be competing against My Week with Marilyn, Senna, Shame and We Need to Talk About Kevin in the 'Outstanding British Film' group.
Brad Pitt, Gary Oldman, George Clooney, Michael Fassbender and The Artist's Jean Dujardin will go head-to-head in the 'Best Actor', while Meryl Streep, Michelle Williams, Tilda Swinton, Viola Davis and The Artist's Bérénice Bejo will compete for 'Best Actress'.
John Hurt will take home the 'Outstanding British Contribution To Cinema' award at the event hosted by Stephen Fry.
Live From The Red Carpet: The 2012 BAFTA Awards airs Sunday, February 12 at 5pm on E! Entertainment Television